By 2027, the global market for Road Safety would be valued USD 5.77 billion, according to a recent study by Emergen Research. The rise in traffic accidents is responsible for this market’s expansion. Over the forecast period, the market for road safety is anticipated to be driven by the growing requirement for improvement in the road structure and public security. The government’s strict laws and regulations on road safety are helping the market for that industry flourish. A contributing element to the rise in demand for traffic safety solutions is the increase in government activities for bettering road safety solutions to reduce traffic deaths, such as initiatives like smart mobility and embracing smart transportation.
The rising use of Road safety solutions is a result of the necessity to safeguard the security of drivers, pedestrians, and passengers. The number of accidents and fatalities has increased significantly over the last few years, which has increased demand for security. The efforts made by governments to bolster security also contribute to the expansion of the global market for road safety.
Additionally, new security efforts are being launched by national and international government organisations, which is helping the market for global road safety grow. For instance, the United Nations (UN) began promoting artificial intelligence (AI) to increase safety in October 2021. The global market, however, is anticipated to benefit from the development of novel safety solutions. For instance, the “Intelligent Corridor” along Nicholson Street, Carlton, was introduced in March 2022 by the Victorian Department of Transport and Kapsch TrafficCom. This innovative traffic management system enhances safety while reducing traffic bottlenecks.
Some Key Highlights from the Report
- Halo Edge was introduced in April 2019 by Redflex Holdings, a cutting-edge global technology business that develops solutions for smarter cities. The Halo Edge is the next-generation intelligent ANPR camera solution that detects clean air or low emissions zones using deep learning-based algorithms.
- With a 51.2% market share in 2019, the Red Light & Speed Enforcement sector had the biggest market share. The implementation of the Red Light & Speed Enforcement has increased due to the growing need to decrease collisions and right-angle crashes.
- Over the course of the projected period, the Asia Pacific region is anticipated to grow the fastest. The expansion of road safety solutions in the region has been fueled by the use of cutting-edge technology like the Internet of Things (IoT) and data analytics solutions in the transportation sector.
- SWARCO, REDFLEX HOLDINGS, SENSYS GATSO GROUP, JENOPTIK, IDEMIA, KAPSCH TRAFFICCOM, MOTOROLA SOLUTIONS, FLIR SYSTEMS, CUBIC CORPORATION, and SIEMENS are a few notable players.
Emergen Research has segmented the global Road Safety Market on the basis of Solutions, Services, and region:
Solutions Outlook (Revenue, USD Billion; 2017-2027)
- Incident Detection & Response
- Red Light & Speed Enforcement
- Automatic Number Plate Recognition (ANPR)/Automatic License Plate Recognition (ALPR)
- Others
Services Outlook (Revenue, USD Billion; 2017-2027)
- Managed Services
- Professional Services (Support and maintenance, System Integration and deployment, Consulting and Training)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
